Breakthrough results identify ‘Mother Lode’ copper target at theStorm Copper Project, Canada

American West Metals Limited (“American West” or the “Company”) (ASX: AW1), is pleased to announce the results of a high-resolution ground gravity survey that was completed over the Storm Copper Project (Storm or the Project) on Somerset Island, Nunavut.

Dave O’Neill, Managing Director of American West Metals commented:

“The recent gravity survey over the Storm project area has produced spectacular results. The data supports our geological assumptions and the potential for a large copper system below the near-surface copper mineralisation.

“The high-resolution survey has successfully defined a series of large, dense bodies that sit directly under the high-grade 4100N Zone, and in key areas around the other known high-grade copper deposits.

“Importantly, our interpretation of the gravity data is supported by coincident historical geophysical anomalies and the 2022 discovery of copper sulphides in drill hole ST22-10, which is located on the edge of one of the newly identified gravity targets.

“The gravity anomalies are modelled to commence around 200m below surface and have a strike of several kilometres. We are chasing big copper targets here.

“The resource drill-out of the near-surface copper is progressing very well and we are confident of delivering a significant and robust maiden copper resource at Storm from those results alone.

“The new copper targets at depth are a game-changer for the potential copper endowment at Storm and we are excited to prioritise drilling of these exciting targets for the 2023 field program.”

• High-resolution ground gravity survey completed by American West Metals at Storm identifies significant new anomalies that support the potential for a large-scale sediment-hosted copper system as predicted by geological modeling
• Strong gravity anomalies identified below and adjacent to the known near-surface copper mineralisation extend for several kilometres and are interpreted to represent dense bodiesthat are consistent with copper sulphide deposits
• The outer periphery of a large gravity anomaly was intersected by a 2022 drill hole that terminated in 68m of copper-bearing sulphide mineralisation (remaining open at depth) from 277m downhole
• Gravity anomalies are coincident with historical electromagnetic (EM) and induced-polarisation (IP) anomalies indicating both dense and electrically chargeable bodies which are interpreted to be consistent with copper sulphides

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